A world leading supplier of advanced spring wire products has acquired Morley-based KTS Wire Limited for an undisclosed sum in a deal that will further strengthen its global position in the marketplace.
Suzuki Garphyttan AB has bought the technical wire manufacturer which exports to more than 40 countries, employs 47 people at Howley Park Road – and which posted a turnover of £8m last year.
The company’s three-strong management team, led by managing director Steve Longbottom, will remain following the sale to the Swedish company, part of the Suzuki Garphyttan Group.
The deal comes four years after Yorkshire turnaround specialists Melanie Hird and Patrick Bywater arranged investment and funds for KTS Wire, fuelling its exporting growth and doubling turnover.
KTS Wire manufactures plain carbon, alloy, rolled and shaped wires using raw and recycled materials sourced within the Yorkshire region.
It exports to countries including France, Greece, Poland, Nigeria, Turkey, Lebanon and the USA.
Patrick Bywater, a director of Seneca Investments, said:
“KTS Wire is a niche, very highly skilled manufacturer with 70 percent of its business coming from exports.
“It has weathered the recession and this sale brings enormous potential to make inroads into strong new markets such as Germany.
“Both Melanie and myself are pleased we have assisted in the growth and wish the business future success.
“This is another example of supporting businesses in the SME sector both with funds and strategic assistance. ”
Michael Cantwell, a partner in the firm’s corporate finance team, said:
“KTS Wire boasts a long exporting history and it has been rewarding to be part of this complex deal and to help drive it over the line early in the year.”
Lawyers from Addleshaw Goddard led by Dahren Naidoo advised Suzuki Garphyttan on the sale and the management team from KTS Wire were advised by a team from Gordons led by Jonathan Asquez.